3590 Virginia Ave, Collinsville, VA 24078

Property Details for 3590 Virginia Ave

Year built

2008

Lot size

1.59 lot acres

Property type

Retail properties & Spaces

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a 14,724-square-foot Walgreens pharmacy located at 3590 Virginia Ave, Collinsville, VA 24078. Boasting a strong 6.25% cap rate and a substantial net operating income (NOI) of $244,530, this property offers a secure, long-term investment. The absolute NNN lease with Walgreens, a corporate guarantor, extends until February 28, 2039, providing a remaining lease term of 14.3 years with 5% rent bumps every 5 years. Situated on a 1.59-acre lot with 70 parking spaces, the property benefits from excellent visibility at a signalized intersection of Virginia Ave and King Mountain Rd, experiencing a combined 36,000 vehicles per day. Its prime location is complemented by proximity to Sovah Health - Martinsville, Bassett High School, and Blue Ridge Airport, as well as numerous other retail establishments including Dollar General, Family Dollar, and fast-food restaurants. Built in 2008, this property represents a top-performing Walgreens location, ranking in the 74th percentile of Walgreens stores in Virginia according to Placer.ai data. The property's 100% occupancy and strong tenant commitment underscore its exceptional investment potential. This is a rare opportunity to acquire a high-performing, net-leased Walgreens property with significant long-term growth prospects.

Location Insight

City

Collinsville

County

Henry

State

Virginia

Longitude

-79.918

Latitude

36.7286